"The promotional posture keeps ramping up across the entire business,"Jefferies analyst Randal Konik wrote in a note on Victoria's Secret parent L Brands sent out to clients Wednesday. "The need to increase promos to drive traffic indicates the consumer is going elsewhere for said products."

It's worth noting that Victoria's Secret sales represented roughly 60% of L Brand's total sales in the first-quarter of 2018.

Konik added that Victoria's Secret's pricing power is diminishing in part because of self-inflicted wounds. "What do you think happens when the consumer gorges on bras, panties and hand soap during May/June as things are literally being given away for free?" Konik asked. "What happens is demand is pulled forward near term while pricing power and brand equity are destroyed long term."

Victoria's Secret's Pink brand saw back-to-back months of declining sales in March and April, and even though parent company L Brands saw comparable sales jump 5% year-over-year in May, Konik isn't convinced things are turning around. He says to beware of the "dead-cat bounce" and the he believes "shares will continue to suffer."